Grindr (NYSE:GRND) Hits New 1-Year High – Still a Buy?

Grindr Inc. (NYSE:GRND) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $15.44 and last traded at $15.39, with a volume of 201114 shares traded. The stock had previously closed at $15.16.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GRND. TD Cowen increased their target price on Grindr from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Raymond James increased their price objective on shares of Grindr from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, November 8th.

Grindr Trading Up 0.9 %

The company has a market cap of $2.70 billion, a price-to-earnings ratio of -43.97 and a beta of 0.37. The firm has a 50-day moving average price of $13.52 and a 200 day moving average price of $11.97.

Insiders Place Their Bets

In other Grindr news, insider Zachary Katz sold 3,058 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $14.30, for a total value of $43,729.40. Following the sale, the insider now directly owns 586,722 shares of the company’s stock, valued at $8,390,124.60. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Nathan Richardson sold 5,234 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $15.00, for a total value of $78,510.00. Following the completion of the sale, the director now owns 27,408 shares in the company, valued at $411,120. The trade was a 16.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 296,549 shares of company stock valued at $4,195,896 over the last 90 days. 76.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Grindr

A number of hedge funds have recently made changes to their positions in the business. nVerses Capital LLC acquired a new position in Grindr during the 3rd quarter worth $27,000. Point72 DIFC Ltd bought a new position in Grindr in the 2nd quarter valued at about $136,000. Price T Rowe Associates Inc. MD increased its stake in Grindr by 16.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock valued at $120,000 after buying an additional 1,667 shares during the period. Quest Partners LLC raised its position in shares of Grindr by 9,055.0% during the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock worth $157,000 after buying an additional 12,677 shares in the last quarter. Finally, Centiva Capital LP acquired a new stake in shares of Grindr in the 3rd quarter worth approximately $160,000. Institutional investors own 7.22% of the company’s stock.

About Grindr

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.